Couple disappears with stokvel's millions

COUPLE disappears with stokvel millions.

The couple, which was entrusted with managing the stokvel, allegedly made off with R20 million belonging to their investors.

The couple from Botshabelo in Free State allegedly disappeared on Thursday, 12 December.

The stokvel, Lebohang society and financial credit services has almost 2 000 participants across the province who pay monthly.According to one of the stokvel managers, the man shared groceries with certain members from Bloemfontein, QwaQwa and Botshabelo in the beginning of December.

"We were supposed to share with 1 400 members for December. We started in QwaQwa before we went to Dewestdorp and a few members in Botshabelo. Some Botshabelo members were supposed to share the groceries on Thursday, 12 December, unfortunately one of members disappeared. We tried to call him and send messages until his phone went off. It was a chaotic situation. The devastated society members wanted to beat us," said the manager.

One of the stokvel members, Mathapelo Mokoena(48) said: "I trusted him with my savings and expected him to fulfill his promise of purchasing groceries for our group. Instead, he vanished into thin air, leaving us with nothing but debt and uncertainty. I'm devastated by the loss, not just financially but also emotionally. The trust has been broken and I'm left wondering how someone could betray our us in such manner."

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Another member, Kabelo Moremoholo (62), a former teacher, said he learned the harsh way.

"I've dedicated my life to educating young minds, but I never expected to be taught a harsh lesson in betrayal. I joined the stokvel with the hope of saving for my golden years, but our trusted leader had other plans. He vanished with our collective savings, leaving me and many others in financial ruin. The pain of losing my hard earned money cannot be healed," he said.

It's alleged that the suspects disappeared with more than R20 million.

Independent financial advisor, Philip Ngozo, said residents should opt for one central bank with signatories.

"I strongly caution residents against participating in informal stokvels that have consistently demonstrated a lack of transparency and accountability. The recent string of incidents where stokvel managers have absconded with funds is alarming and highlights the risks associated with these informal savings schemes.

"To avoid financial devastation, I recommend that individuals explore formal regulated savings options that offer protection and recourse in the event of misconduct. It's essential to prioritise your financial security by making informed decisions about where and how you save your money. They can also have a central bank with trusted signatories who are well known," he said.

Police spokesman, Sergeant Mahlomola Kareli said a missing person's case was registered at Botshabelo cop shop.

"The couple was last seen by their families on Thursday, 12 December travelling in a gold coloured Nissan Micra. Family members tried to contact the couple with no success," he said.

Kareli said no case of fraud has been registered.